PRETORIA, South African Communications Minister Mmamoloko Kubayi-Ngubane has clarified that the recently set up Presidential Fiscal Committee (PFC) only has an advisory role and does not interfere with the institutional arrangements of the budget cycle.

She said in a statement here Tuesday that the decision to establish the PFC was taken in September at a meeting of the Extended Cabinet which was attended by Cabinet Ministers as well as Premiers of the provinces and members of the executive committee (MECs) for finance of the provincial governments.

The PFC was mandated to work with the National Treasury and other stakeholders to help find creative ways of meeting the country’s fiscal targets and resolving competing priorities, said Kubayi, who added that the budget process allows for stakeholder participation and co-ordination with the various spheres of government.

Government is committed to managing the economy in a balanced and responsible manner. Investors are re-assured of the macro-economic certainty and stability that they have become accustomed to. Spending has been re-prioritised to reduce immediate pressure, and to create the time required to build capacity to boost investment spending, she said in the statement issued by the Government Communication and Information System (GCIS).

Furthermore, the government has taken decisive steps to stabilise State-owned emterprises (SOEs) so that they contribute more meaningfully towards growing the economy, the statement said.

Government is working closely with various stakeholders to address regulatory challenges, build an inclusive economy and improve business confidence. We are implementing the Medium-term Strategic Framework 2014-2019 which outlines the country’s priorities and has detailed implementation plans towards the National Development Plan (NDP), Vision 2030,” it added.

“Actions include addressing infrastructure bottlenecks, improving policy co-ordination, making it easier to do business, improving labour relations and encouraging private investment.”